According to a report by Coin98 Analytics, April 2024 marked a period of substantial growth and shifting metrics in Layer2 crypto networks. Layer2 solutions, known for enhancing blockchain scalability and efficiency, showed varied performances across different platforms.
The month was particularly notable for Base and Optimism. Base emerged as a leader, not only in the number of new NFTs minted, which reached 14 million but also in total transactions, hitting an impressive 83 million. The platform’s transaction per second (TPS) peaked at 36.99 on April 8, underlining its robust activity. Additionally, Base’s total value locked (TVL) grew by $284 million, primarily fueled by the bustling DEX sector.
Optimism also showed a strong presence, especially in the realm of new addresses. The platform achieved a daily all-time high with over 450,000 new addresses, maintaining its position at the forefront of user growth among Layer2 solutions. Despite this, its TVL experienced a decline of $143 million, reflecting the volatility and rapid changes inherent in the crypto markets.
While Arbitrum did not lead in new addresses or transactions, it stood out for its bridge deposits. It consistently maintained the highest daily bridge deposits among Layer2 platforms, averaging over $10.5 billion per day. This indicates a high level of trust and utility in Arbitrum’s infrastructure despite a decrease of $371 million in its TVL.
The lending and DEX sectors were particularly active across various platforms. In the Arbitrum ecosystem, AAVE led the lending category, while GMX stood out in derivatives and Uniswap in decentralized exchanges. Similarly, in the Blast ecosystem, Juice Finance emerged as a top lending protocol, showing the sector’s critical role in attracting and retaining platform users.
April also saw significant developments in the NFT space. Apart from Base’s dominance, Polygon zkEVM reported a 239% increase in the number of new NFTs compared to the previous month, showcasing rapid growth in user engagement and interest in digital collectibles.
The month concluded with Layer2 solutions expanding their capabilities and experiencing shifts in user engagement and investment flows. These trends provide a clear indicator of the vibrant and growing nature of the blockchain technology landscape.
